super house headache

stressedandfedup

Hi there
Can anyone advise? Basically we have been in the chain from yell (We are FINALLY pushing for the 3oth March to complete by The push is because a mortgage offer in the chain runs out on the 30th. However someone else in the chain is digging their heels and saying they cant move until the 2nd April.
Can we (with sol agreement) exchange before the 30th and then complete after the mortgage offer has expired (e.g on the Monday)
UNBELIEVABLE to think of all the issues we have had it could come down to one day
The mortgage company wont extend the mortgae and they have looked into the figures to get a new offer (but at a greater cost-which they are reluntant to do)
As for those who cant move until the Monday, it is stubbord.
Now its a stand off and we are in the middle

ANY ADVICE?

JoeK_3

stressedandfedup wrote: »

Hi there
Can anyone advise? Basically we have been in the chain from yell (We are FINALLY pushing for the 3oth March to complete by The push is because a mortgage offer in the chain runs out on the 30th. However someone else in the chain is digging their heels and saying they cant move until the 2nd April.
Can we (with sol agreement) exchange before the 30th and then complete after the mortgage offer has expired (e.g on the Monday)
UNBELIEVABLE to think of all the issues we have had it could come down to one day
The mortgage company wont extend the mortgae and they have looked into the figures to get a new offer (but at a greater cost-which they are reluntant to do)
As for those who cant move until the Monday, it is stubbord.
Now its a stand off and we are in the middle

ANY ADVICE?

Yes you can exchange contract and complete at different times.

JoeK

silvercar

if the mortgage offer expires you have to completed before that time. you can exchange weeks earlier or on the same day. AFAIK its when you draw down the funds thats crucial. If the mortgage offer expires on 30 March you will need to have drawn down funds by that date.

JoeK_3

stressedandfedup wrote: »

The mortgage company wont extend the mortgae and they have looked into the figures to get a new offer (but at a greater cost-which they are reluntant to do)
As for those who cant move until the Monday, it is stubbord.
Now its a stand off and we are in the middle

ANY ADVICE?

What is your solicitor doing while all this is going on? He should be advising you about all this.

Kick !!!!

JoeK

Scott

if the mortgage offer expires you have to completed before that time. you can exchange weeks earlier or on the same day. AFAIK its when you draw down the funds thats crucial. If the mortgage offer expires on 30 March you will need to have drawn down funds by that date.

Not necessarily, the person in question can get an extension on their offer (it's quite common for this to be done for a few days).

However, yes, I'd take JoeK's advice and "contact" your solicitor. You are paying them to take care of this kind of situation.

stressedandfedup

thanks guys combination of the downfalls of the system (sol a talks to sol b then to sol c etc They just cant keep pace with the ever changing nature of the world of house moving

and

stubborn people in thechain

homer_j_3

if you get all the contracts exchanged on say the 28th March, your solicitor can request funds to be released on 30th March (friday) and you complete on the Monday (2nd).

It is not uncommon for solicitors to have the funds in their account a day or 2 before completion. The mortgage company will start charging from 30th as far as they are concerned the mortgage has started on that date.

Scott

That's also true, most lenders release funds the day before completion anyway, so luckily this wouldn't impact on your chain due to the timing of the days.

jeetster

When we bought our current house, our buyer was in a similar position. However it wasn't a probem to extend the offer. Their mortgage was with the nationwide and they had arranged it through a financial advisor, so he took care of everything. If you arranged it directly then your solicitor should have requested an extension.

JoeK_3

stressedandfedup wrote: »

thanks guys combination of the downfalls of the system (sol a talks to sol b then to sol c etc They just cant keep pace with the ever changing nature of the world of house moving

and

stubborn people in thechain

Sorry but I wouldn't accept that. The world of a good conveyancer is not that demonstrated by yours.

Why do you put up with second class service?

This should have been just a normal run of the mill, straight forward job.

Like I said before, kick a**e and hard.

JoeK